International Energy Agency sees India driving global oil demand growth
A deal to freeze oil production by Opec and non-Opec producers will have a limited impact on global supply and markets are unlikely to rebalance before 2017, the International Energy Agency (IEA) said on Thursday.
The IEA, which oversees the energy policies of industrialised nations, said even though the decline in US output was gathering pace and Iran was not adding as many barrels as expected, the world would still produce more oil than it consumes throughout 2016.
Oil has collapsed since mid-2014 to as low as $27 per barrel, from as high as $115, due to booming Opec and US supplies.
Prices have recovered to above $40 per barrel in recent weeks as US production declines accelerate and as major Opec and non-Opec producers are due to meet in Doha, Qatar, on 17 April to agree a deal to freeze global production.
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